How to Sell Phones in the 2020 Smartphone Market
June 07, 2020
Although overall the smartphone market has dropped in 2020 and projections aren’t looking great for the immediate future, not all sales were down. As consumers reprioritized spending, the most expensive smartphones fell behind, while mid-priced smartphone sales swelled. The mid-range Samsung Galaxy A51 topped sales across the globe from March to May, according to data from Strategy Analytics.
The trend is looking similar for iPhone fans: the new iPhone SE 2020, a more affordably-priced model than some of the higher end versions with more bells and whistles, is likely to be the company’s biggest winner in the face of the global recession.
In fact, investing in A-stock refurbished smartphones and mid-priced smartphones and accessories is a great way to ensure your retail business will weather the recession.
Although refurbished phone sales fell 1% in the end of 2019, the numbers rose slightly at the end of Q4, thanks to upgrades to many iPhones. While this seems like bad news, the Covid-19 pandemic has changed the landscape of the market significantly. While the refurbished phone market dropped 1%, this is a small amount compared to the projected 11-12 percent drop in the smartphone market in 2020 in the face of the coronavirus pandemic and its effect on economies across the globe.
So far, the data shows that the best ways to weather the recession for smartphone resellers is to stock up on affordable cell phones that give users the ability to stay connected for work and with friends and family from afar. This includes refurbished smartphones from Samsung and Apple – the most popular manufacturers for reused phones – as well as 5G-compatible phones. 5G-compatible smartphones are expected to pull the market back toward positive growth by the end of 2020.
In addition to the strategies listed above, look into mid-priced options from the most popular smartphone manufacturers. Many are already scrambling to create more options for their customers that fit the new normal: more accessibility with lower price tags. It’s also important to stock the accessories that users will need for these products, including smartphone cases, headphones, Bluetooth speakers, etc.
Looking for other popular phone accessories to stock? Issoy can help. Contact us today for an up-to-date inventory list of our wholesale electronics.